NYT: Trump paid $750 in federal income taxes the year he won the presidency. In his 1st year in White House, he paid another $750.
He paid no income taxes at all in 10 of previous 15 years — largely because he reported losing much more money than he made nytimes.com/interactive/20…
His returns “reveal the hollowness, but also wizardry, behind self-made-billionaire image...that helped propel him to White House & that still undergirds loyalty of many in his base. Ultimately, Trump has been more successful playing a business mogul than being one in real life”
His tax returns show how misleading his public financial disclosures — where he has reported gross revenues, not profits — have been. In 2018, Trump said in his public disclosure filings that he had made at least $434.9 million. The tax records show $47.4 million in losses.
Some other numbers that stand out: Over all, since 2000, Trump has reported losses of $315.6 million at the golf courses that are his prized possessions. His Washington hotel, opened in 2016, has not fared much better. Its tax records show losses through 2018 of $55.5 million.
Also, tax law requires Joint Committee on Taxation to weigh in on all refunds >$2m to individuals. Results of an audit of a disputed Trump refund were sent to committee in 2011. Which means some of Trump’s returns have been sitting at a congressional office building for years
The returns also suggest a strange arrangement in which Trump appears to have paid Ivanka a fee as a “consultant” on the same hotel deals that she helped manage as part of her job at her father’s business. Possibly a way to transfer assets without incurring gift tax.
Story documents lots and lots and lots of questionable business deductions - every part of his “lifestyle,” such as his haircuts, plus a criminal defense atty
Some great details here about how much more money Trump made from people/corps that appear to be purchasing access through his clubs and other properties.
One of the main takeaways from NYT's examination of the enormous losses Trump reports on his taxes: He has been an absolutely terrible businessman, or has been stiffing Uncle Sam, but most likely both.
Another takeaway: Losing re-election could be enormously expensive for him
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